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BIOSAFETY SYSTEMS, INC. REPORTS FIRST QUARTER FINANCIAL RESULTS

SAN DIEGO, Nov. 20 /PRNewswire/ -- BioSafety Systems, Inc. (Nasdaq: BSSI) reported sales of $4,005,000 during the first three months of fiscal 1996 which represented a decrease of 4.8% over the net sales of $4,207,000 for the corresponding period in the prior year. The Company attributed the decrease primarily to decreased net sales in the RespiratorySafety product line, where a change in the National Institute for Occupational Health and Safety (NIOSH) certification halted the sale of HEPA respirators as the market waits for replacement product.

Operating income for the three-month period ended September 30, 1995 was $2,600 or essentially break-even as compared to $352,900 for the corresponding period of the prior year. The decrease in operating income is primarily due to initial higher production and operating costs associated with the start up of the Company's Mexican glove operation.

After recognition of significant, unusual costs associated with the proposed merger with HVB, Inc., the Company recognized a net loss of $125,500 for the three-month period ended September 30, 1995, as compared to net income of $201,100 from the comparable period of the prior year.

The Company signed a merger agreement with HVB, Inc., a privately- held Delaware corporation, on August 14, 1995. The merger will result in cash payments to the Company's stockholders of $10,950,000, or approximately $3.16 per share.

The Boards of Directors of both companies have approved the merger. The merger is conditioned upon the occurrence of certain events, including the vote of the Company's stockholders at a Special Meeting. The Company's Board of Directors has set November 20, 1995 as the record date to determine the stockholders entitled to vote at the Special Meeting. Stockholders owning in excess of 50% of the outstanding shares of stock have agreed to vote in favor of the merger. The Company and HVB, Inc. anticipate that closing will occur in December 1995.

BioSafety Systems Inc. markets, distributes and manufactures products to reduce risks for healthcare workers who administer chemotherapy drugs, deal with infected blood, face airborne contaminants or have exposure to hazardous chemicals.
 SELECTED FINANCIAL DATA
 1995 1994
 Net Sales $4,005,000 $4,207,000
 Operating income 2,600 352,900
 Net income (loss) (125,500) 201,100
 Weighted Avg. shares 3,347,512 3,561,000
 Net income (loss) per share ($.04) $.06
 -0- 11/20/95


/CONTACT: Kathleen Terry of BioSafety, 619-530-0400/

(BSSI)

CO: BioSafety Systems, Inc. ST: California IN: MTC SU: ERN

DM-BB -- LAM007 -- 3146 11/20/95 08:01 EST
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Publication:PR Newswire
Date:Nov 20, 1995
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